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【】Crypto Platform Criticizes HK Regulation

2023-07-28 | | View Original Content

The Hong Kong government issued new licensing guidelines for virtual asset trading platforms in June. B. Robin Xie, a partner at TideBit's operator iSunCrowd, said that TideBit is one of the few Virtual Asset Service Providers (VASPs) in Hong Kong that can continue to operate legally during the transition period, providing non-security token trading services to institutional and retail investors. The company has not yet applied for a license but plans to do so.

Hong Kong Digital Currency Industry
Hong Kong Digital Currency Industry

Chairman Chen Ping added that Hong Kong's current regulations on cryptocurrencies are still based on traditional legal and financial perspectives. He warned that managing and regulating cryptocurrencies from the perspective of securities finance and historical continuity could be disastrous. He hopes to provide more suggestions to the authorities during the transition period so that future laws and regulations can adapt to the nature of the virtual asset market as much as possible.

As of May 31, 2023, TideBit had nearly 62,000 registered users, about 40,000 of whom were active registered users, including over 20,000 KYC (real-name authentication) users. More than 90% of these were Hong Kong KYC users. The cumulative transaction amount was approximately US$85.5 billion. TideBit uses a blockchain-based accounting system and an artificial intelligence-based zero-knowledge proof audit system. Transaction records are audited and statistically analyzed in near real-time, and standard financial statements such as balance sheets, profit and loss statements, and cash flow statements can be generated at any time. This provides the greatest clarity to users and better protects their rights and interests.


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